My WebLink
|
Help
|
About
|
Sign Out
Home
res_7660
Roseville
>
City Council
>
City Council Resolutions
>
07xxx
>
7600
>
res_7660
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
7/17/2007 9:18:44 AM
Creation date
4/25/2005 12:19:20 PM
Metadata
Fields
Template:
Roseville City Council
Document Type
Council Resolutions
Resolution #
7660
Resolution Title
Final Note Resolution; $5,000,000 Industrial Development Revenue Note of 1984, Series C, Advance Circuits, Inc. Project
Resolution Date Passed
10/8/1984
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
23
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
<br />(3) the opinion of Bond Counsel as to the validity and <br />tax exempt status of the Note; <br /> <br />(4) such other documents and opinions as Bond Counsel may <br />reasonably require for purposes of rendering its opinion <br />required in subsection (3) above or that the Lender may <br />reasonably require for the closing. <br /> <br />2-5. Disposition of Note Proceeds. <br /> <br />(1) There is hereby established with the Lender a <br />Construction Fund and a Debt Service Reserve Fund to be held by <br />the Lender as separate accounts of the City as provided in the <br />Disbursing Agreement. Upon delivery of the Note to Lender, the <br />proceeds of the Note, less $425,000 shall be credited to the <br />Construction Fund and $425,000 shall be credited to the Debt <br />Service Reserve Fund held by the Lender on behalf of the City, <br />at which time the entire principal amount of the Note shall be <br />deemed advanced, and the Lender shall, on behalf of the City, <br />disburse funds from the Construction Fund for payment of <br />Project Costs upon receipt of such supporting documentation as <br />the Lender may deem reasonably necessary, including compliance <br />with the provisions of the Disbursing Agreement. The Lender or <br />Borrower shall provide the City upon request of the City with a <br />full accounting of all funds disbursed for Project Costs. <br /> <br />(2) Any surplus in the Construction Fund shall be <br />applied towards the prepayment of the Note as provided in the <br />Disbursing Agreement and shall not be invested to produce a <br />yield greater than the yield on the Note, as required by <br />Internal Revenue Service Revenue Procedure 79-5, Revenue <br />Procedure 81-22 and 26 CFR 601.201 (and any subsequent <br />amendments, modifications or replacements thereof); provided <br />that, if the Lender receives an opinion of Bond Counsel that <br />the exemption from federal income taxation of interest on the <br />Notes will not be jeopardized, the surplus funds may be <br />invested at a yield greater than the yield on the Note. <br /> <br />2-6. Registration of Transfer. <br /> <br />The City will cause to be kept at the office of the <br />City Manager a Note Register in which, subject to such <br />reasonable regulations as it may prescribe, the City shall <br />provide for the registration of transfers of ownership of the <br />Note. The Note shall be initially registered in the name of <br />the Lender and shall be transferable upon the Note Register by <br /> <br />15 <br />
The URL can be used to link to this page
Your browser does not support the video tag.